Mukesh Ambani's Reliance Industries (RIL) has announced its plans to merge its group firm Reliance Petroleum with itself. RIL said in a statement to Bombay Stock Exchange that it will hold a board meeting on March 2 to consider the merger of Reliance Petroleum with the company.

The announcement came after the close of markets today. RIL scrip ended the day at Rs 1,265, nearly 2 per cent down from Thursday's closure. Reliance Petroleum stock ended the day at Rs 76.20, nearly 1.23 per cent lower than Thursday's close.